Can you clarify what the consequences are if my lawyer’s firm is expelled from the Aldermore Solicitor panel ahead of completing my conveyancing in Small Heath?

First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.

I have been on the look out for a flat up to £235,500 and identified one close by in Small Heath I like with amenity areas and station nearby, however it only has 49 remaining years left on the lease. There is not much else in Small Heath for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?

If you require a mortgage the shortness of the lease will likely be a potential deal breaker. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.

Is it simple use your search facility to choose a conveyancing lawyer in Small Heath on the authorised to act for my lender?

Step one is to select a bank such as Birmingham Midshires, Leeds Building Society or Platform Home Loans Ltd then type in your location a common one being Small Heath. Conveyancing organisations in Small Heath and nationally should be listed.

Looking forward to complete next month on a studio apartment in Small Heath. Conveyancing solicitors inform me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Small Heath should include some of the following:

Your conveyancers should enable you to have an understanding of the building insurance requirements Repair and maintenance of the premises The physical extent of the premises. This could be the property itself but might include a roof space or storage are if relevant. It needs to be made clear to you if the lease allows you to change or improve aspects of the property- you must know whether any restrictions relates to all alterations or limited to structural alteration, and whether permission is mandated necessary You should receive a copy of the lease

I invested in buying a split level flat in Small Heath, conveyancing was carried out in 1998. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Small Heath with a long lease are worth £180,000. The ground rent is £65 yearly. The lease terminates on 21st October 2082

With 59 years left to run we estimate the premium for your lease extension to span between £20,900 and £24,200 as well as professional fees.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.

We own a leasehold flat in Small Heath. Conveyancing was finished in 2010. I have heard that I mustn’t let the lease length get too low. Is this right?

Small Heath domestic long term leases are for a prescribed period - often ninety nine years when they started. However a significant flats in Small Heath were built or converted 25 or more years ago and so these leases now have fewer than eighty years left to run. This may sound like a long time however Banks, Building Societies and other mortgage institutions on the whole need leases to have a minimum of 75 years unexpired to be mortgageable. Accordingly when you come to sell the property you will need to extend the term of your lease if you are nearing seventy five years. To enhance your property value you should be thinking about whether or not to extend your lease long before you come to sell it. There are also advantages to taking action before the lease reaches even eighty years as when the lease is below 80 years the premium you have to pay to extend starts to get a lot more expensive.